注册并分享邀请链接,可获得视频播放与邀请奖励。

Sirin|供应链雷达
@SupplyRadarX
电子制造 / 通讯供应链 15+ 年 前上市公司供应链负责人|创业公司 VP AI Infra|Semiconductor|Memory|Photonics 需求 → Forecast → 产能预留 → 扩产 → 业绩
576 正在关注    4.1K 粉丝
又一下倒下了…活着才是最重要的! 不加杠杆的好处就是,跌了还能慢慢等,不至于被迫在最难受的时候割肉。
Lone Pine Capital, reportedly being liquidated, has a $1.18B position in NBIS. Looking at the chart, makes sense…
一切皆有可能🤔
The governor-elect of Texas, Gina Hinojosa, has explicitly said that all currently permitted datacenters in Texas will be allowed to finish construction. This essentially covers all of the 2027 and likely well into 2028. She is going to pass laws that ensure that all *newly* permitted datacenters going forward for delivery in 2028/2029 will pay taxes, commit to no increase in power prices for consumers, don’t impact water availability for people, be constructed with union labor and give “Texans a seat at the table.” Sounds reasonable. She doesn’t want to lose a lot of good blue collar jobs and property taxes for small towns in rural Texas. Datacenter commentary starts at 6:30 in this interview. Also attaching her official campaign position from her website in the next post. Sidenote: After watching a bunch of her speeches and interviews, I do think she is a political talent and probably has a future in national politics.
显示更多
20261105 黑色星期四 终于看到爆仓消息了! 170亿美元规模的Walleye,10月亏了5.9%,现在开始裁人、缩减业务,还要退还部分资金。 不知道接下来还有多少对冲基金在去杠杆… 不过VIX和Skew都这么高了,加上11月OpEx临近,短期也许能迎来一波反弹。先看看这几天能不能止跌吧。😂
显示更多
Comprehensive list of hedge funds blowing up this week, getting large redemptions, or shutting down PMs: - Axebrook - Walleye - Engineers Gate - Lone Pine - Millennium internal pods - Verition pods - Samlyn Letter from Walleye closing internal funds below
显示更多
无差别攻击…🤣 怎么感觉现在的美股越来越像meme市场了?基本面好的坏的,一起杀估值!
今晚是 $IREN 的财报,貌似还没跌到底!😂 新云这波真的是杀得狠,融资压力越来越大,现在又碰上数据中心审批风险。接下来会不会有一轮行业洗牌,甚至出现更多并购?
显示更多
Texas froze new data center grid hookups back in august. and tuesday's surprise midterm result likely makes that freeze last longer. ERCOT runs the texas grid, and big power users wait in its queue to get connected. that queue is ~474GW (of which ~90% data centers) today ERCOT paused new data center hookups and delayed its first big study batch during an audit due dec 10. governor-elect hinojosa (takes office jan 19) has promised a ban on all data center approvals until lawmakers pass new rules. so it's quite likely that most new texas projects in 2028 get delayed, with some demand moving to other states. most exposed - these are some big Texas sites waiting for approval: - $IREN has a 2GW Sweetwater hub, with 300MW targeted for Q4 2027. - Cipher: a 1GW site, Colchis, targeted for 2028, plus several more sites still under study (SEC deck) - Hut 8 and CleanSpark: a 1GW site, Beacon Point, plus Sealy and Brazoria
显示更多
$ARM 财报超预期,但版税增长放缓,现金流大幅下降。 核心数据: • 营收 $1.44B,同比 +27% • Non-GAAP营业利润 $638M,利润率44.2% • 许可收入 $773M,同比 +50% • 版税收入 $670M,同比 +8%(上季度 +22%) • 经营现金流 $207M,同比 −63% • 自由现金流 $110M,同比 −73% • Q3营收指引 $1.54B,高于市场预期 电话会议重点: 数据中心版税连续两个季度翻倍。 Arm在头部云厂商服务器中的份额已超过50%,预计年底超过60%。AWS Graviton、Google Axion、NVIDIA Vera是主要驱动力。 Agentic AI推动CPU需求。 Arm预计CPU核心数从128核、256核向500+核发展,与之前《CPU Supercycle》的判断一致。 AGI CPU订单加速。 FY27–FY28合计营收目标最高$2B,首批商业交付预计FY27 Q4,管理层暗示仍有上行空间。 内存涨价开始影响手机芯片。 中低端手机成本承压,拖累Arm整体版税增长。高通也面临类似压力。Arm预计下一季度版税仅增长低个位数。 现金流下降73%,供应链资金压力值得关注。 本季度主要受合同资产及负债变动拖累,并非资本开支大幅增加。 不过,SEC文件披露了两笔新的供应链承诺:$672M半导体采购,以及预计2027年上半年支付的$200M产能预付款,用于锁定2027–2029年制造产能。 Arm从卖IP走向卖整颗CPU,未来还要承担预付款、库存及交付风险。这两笔承诺尚不能解释本季度现金流下降,但值得持续跟踪。 CPU TAM继续扩大。 Rene Haas认为超过$200B的市场预测可能仍偏保守。 之前在《CPU Supercycle》中讨论的几个判断,正在得到数据中心版税、市场份额和AGI CPU订单的进一步验证。 接下来就要看实际交付、现金流和利润… NFA · DYOR
显示更多
昨天中期选举结果出来了,市场又开始担心AI数据中心了。 短期AI硬件和数据中心股票被杀跌,可以理解,昨天云巨头都涨幅不错。德州就是个例子,ERCOT此前已调整大型负荷并网流程,现在市场又担心审批进一步收紧,拖慢项目交付。 但我不太相信美国会因此轻易放慢AI建设。全球AI竞赛还在继续,谁也不想落后。而且政策也得考虑经济和就业,毕竟几年后还要面对选民。如真有限制,也以转到别的国家,如马来西亚… 接下来市场的不确定性还有不少:欧债风险、信用收缩、流动性紧张、Anthropic潜在IPO带来的资金分流,还有云厂商不断扩大的CapEx。钱能不能一直跟上… 说不定哪天传出某家机构大爆仓的消息,市场才真正见底。🤣不过对长期投资者来说,关键还是看基本面有没有变。 NFA · DYOR
显示更多
Research|AIDC: Texas Permitting Risks Rise After Midterm Elections; 2027 Delivery Forecast Unchanged In the November 3 midterm elections, Democrats won control of both chambers of Congress. Texas was the biggest surprise: Talarico won the U.S. Senate seat, becoming the first Democrat to win the seat since 1988. Hinojosa defeated Abbott, who was seeking a fourth term, while several statewide offices, including lieutenant governor, attorney general and comptroller, also changed hands. Republicans are still expected to control the Texas Senate. The final composition of the Texas House and the comptroller race should be updated before publication based on the certified vote count. Data centers were one of the central issues in the election. Hinojosa pledged to impose a moratorium on new data centers until the legislature establishes safeguards; require projects to demonstrate that they will not raise residential electricity or water bills; prohibit developers from signing NDAs with local governments; and eliminate the sales tax exemption for data centers (6.25%, for up to 20 years, with an estimated two-year fiscal cost of approximately $3.2bn). The freeze was already underway. On August 3, Abbott halted the ERCOT large-load queue (approximately 474GW of applications, around 90% of which were data centers, or more than five times Texas’ historical peak load) and ordered a project-by-project review. ERCOT subsequently delayed Batch Zero in its new interconnection process. On September 21, Abbott also directed TCEQ not to issue any data-center-related permits until the ERCOT and TWDB audits are complete, with all state agencies suspending related approvals. The ERCOT audit is expected in early December, but its completion will not automatically restart permitting. Before the election, the market broadly expected Abbott to win re-election and was focused on when the freeze would be lifted after the audits were completed. Hinojosa’s victory could mean a longer freeze and tighter conditions for reopening the permitting process. However, she said during the campaign that she was not opposed to data centers. Her proposals focused mainly on protecting household utility bills and giving communities a say in site selection. The main impact of the election, therefore, is likely to be on how long the freeze remains in place and the conditions under which permitting resumes. Under our base case, we are temporarily maintaining our 2027 delivery forecast. Supporting that view will require a closer review of project permitting status: how much capacity has obtained key permits, how much Texas capacity remains subject to approval, and how much delay is already reflected in the original model. If the freeze lasts longer than assumed in the base case, or the probability of the downside scenario increases, expected deliveries could also be revised lower. New projects in Texas face greater exposure in 2028: most are likely to be delayed, while some demand may shift to other states. Detailed Report
显示更多
我觉得这对联发科是好事!有了熟悉 Intel 内部流程的人,联发科就能更高效地追踪各工序进度、良率瓶颈和改善情况,对 Intel 的交付形成更大压力。😂 联发科愿意加强这方面的管理能力,或许也暗示双方未来还有更深入的合作?🧐
显示更多
MediaTek Hires Former $INTC Executive Navid Shahriari to Deepen TSMC Ties and Advance AI Chips My read is that MediaTek ($2454.TW) wants a firmer grip on packaging yields and delivery schedules. That could put more pressure on $INTC to deliver in volume. Navid Shahriari’s new responsibilities cover yields, advanced packaging, testing and reliability. If he gets involved in EMIB-T, MediaTek would have someone on its side who knows Intel’s packaging operations from the inside. He would be better placed to pinpoint whether problems lie in substrates, assembly or design integration, and push for a firm timeline to validate the fixes.
显示更多
“美股几何学”还真“挺厉害”的!跌了,趋势正确;涨了,死猫跳;财报好了,不影响长期趋势。原来几何学最灵活的不是曲线,而是评价标准。😂 $AEHR 看到 $40 没问题,只是好奇这个价格怎么算出来的?有没有明确的依据和失效条件?一边强调长期趋势,一边拿短期涨跌嘲讽别人,轮到自己的判断被质疑,又说年底再看。这标准是不是忒灵活了? 我并不否认宏观风险,AI Capex 过热、半导体周期下行、流动性收紧,都可能引发估值压缩,尤其是高 Beta 股票。但宏观风险不等于 AEHR 必然跌到 $40,订单、盈利预期和估值之间的逻辑总得讲清楚吧?财报好不代表股价一定涨,但新增订单、营收和指引变化,就用一句“死猫跳”打发! 说话两头堵,判断标准还不一样!讨论个股还能扯到别人炒作、吸粉。观点不同就讨论观点,指控别人总得拿证据吧? 另外,市场上没人能永远判断正确,包括我自己。每个人都有认知盲区,重要的是不断修正和迭代,而不是为每一次涨跌寻找证明自己正确的理由。真正的专业,不是永远能解释自己为什么对,而是知道自己什么时候错了…… 世界很大,什么样的观点都有。有些逻辑确实让人长见识了!预测未来已经够厉害,更厉害的是,无论未来怎么走,都能证明自己早就看对了。😂
显示更多
这么短视干嘛? 我确实没懂这群散户的思路 我看空半导体也已经三个月了,9月份反弹你们不也嘲笑过我 熊市现在还没结束,甚至才刚开始,然而AEHR已经膝盖斩了, 财报后死猫跳一下又如何?不就是Short Squeeze么 要不要等到年底再来看? 我怕等$40的时候, 你这账号都没了。。。
显示更多
传说中的美股几何学…🤣$40 $AEHR
告诉大家一个不幸的消息 Jin老师看好甚至“重仓”的AEHR今天盘后发财报 别的我不敢说 根据几何性质,美股几何学 上周死猫跳结束后,应该是要崩掉的 也就回到$40吧 让我们拭目以待! 7月底,资金就已经全部跑完了 我不相信身为GS大庄家的的Herman老师 看不到这么一个基本,简单的事实
显示更多
今天市场最靓的仔:$AEHR! Testing, Testing, Testing! 🔥 话说,这股价波动也是真的大啊!🤣 NFA · DYOR $AEHR
$AEHR 昨天发布财报! 营收同比暴增200%,利润大翻身!👍 这轮增长能持续多久?下一笔改变公司规模的大订单,又会来自谁? 这次换几个角度,从财务表现到公司经营策略,聊聊AEHR未来的增长潜力与风险。 感兴趣的朋友可以看看我们的完整分析,已放在Substack,免费阅读,链接在下面。👇
显示更多
$AEHR 昨天发布财报! 营收同比暴增200%,利润大翻身!👍 这轮增长能持续多久?下一笔改变公司规模的大订单,又会来自谁? 这次换几个角度,从财务表现到公司经营策略,聊聊AEHR未来的增长潜力与风险。 感兴趣的朋友可以看看我们的完整分析,已放在Substack,免费阅读,链接在下面。👇
显示更多
$AEHR Q1财报超预期!电话会议有几个值得关注的进展。 营收:$33M,同比 +200% GAAP EPS:$0.21 新订单:$46.7M Effective Backlog:$109.3M FY2027营收目标上调至 $150M,约为去年的3倍。 电话会议三大重点: 1. TSMC参与认证,第二家AI客户开始采购 首家AI客户使用台积电晶圆,TSMC参与了FOX-XP晶圆级老化测试的认证和验收。 先进封装成本高,提前筛掉潜在缺陷芯片,可以减少封装损失。TSMC的参与有助于提高技术可信度,也可能吸引更多AI客户。 第二家大型AI客户已完成Benchmark,决定采购完整FOX-XP测试单元,预计2027年初安装。 2. Sonoma量产加速 每月交付超过12套系统,第二颗AI处理器已通过认证,预计2027年量产。 耗材及相关产品收入 $13.5M,占营收41%,同比增长超过5倍。 东南亚新增产能,每月可额外生产超过20套Sonoma系统。 3. Silicon Photonics持续扩张 多家客户追加硅光测试设备订单。SiC需求出现复苏迹象,GaN过去六个月新增两家生产客户。 还有一个需要留意的是,Q2毛利率可能下降,本季经营现金流仍为 −$3.1M。 好消息是,TSMC参与了认证和验收,第二家大型AI客户也从Benchmark走向设备采购。接下来就看能否转化为大规模量产订单了! NFA · DYOR
显示更多
TrendForce 11月2日交期又更新了!😂 跟10月19日的数据对比,有三个变化: GPU:30–40周 → 30–45周(+5周,上限) MLCC:35周 → 38周(+3周) DRAM:20周 → 19周(−1周) 其他没变: CPU 25–30周|NAND 16周|HDD 50周|ABF 48–56周。 以下几个值得留意: • GPU从供需平衡变成趋紧,Rubin可能受上游零组件短缺影响。 • DRAM也不是全面缓解,32GB/64GB RDIMM依然缺货。 • MLCC已经开始签长期协议,提前锁2027年产能。 • NAND有点不一样,中国市场需求转弱,TrendForce预计2027年Q1交期可能缩短。 看来不是所有供应链都在越来越紧,已经开始分化。 NFA · DYOR
显示更多
TrendForce 最新供应链交期更新! 对比9月14日与10月19日的数据,发现两个变化: 🔺 GPU:20–30周 → 30–40周(+10周) 🔺 MLCC:30周 → 35周(+5周) 其他几个关键环节的交期没变: • DRAM:20周 • NAND/eSSD:16周 • HDD:50周 • ABF载板:48–56周 另外,本期新增了CPU数据:25–30周,正常交期为16–20周。 GPU交期虽然延长了10周,但TrendForce仍将其列为供需平衡,因为正常交期也同步上移。 MLCC则不同,正常交期仍为12周,现在已经拉长到35周。不过高端AI服务器用MLCC与消费电子用MLCC的需求明显分化。 还有一个信号:大型云厂商即使已经签订2028年的HDD长期协议,仍预计届时供应不足。 从供应链运营的角度看,交期拉长不只是缺货问题。 如果企业需要更早下单、提前备料,整个供应链的资金占用周期也会被拉长,库存周转天数和现金转换周期都可能增加,资金周转效率随之下降。 订单决定企业能走多远,现金流决定企业能活多久! 在供应链周期不断拉长的环境下,谁能更快地把订单转化为现金流,谁才能真正活下来,并赢得下一轮增长。 订单是增长的希望,现金流是生存的底气!
显示更多
$MRVL 宣布以约1150亿美元全股票收购 $LITE,每股LITE换4.5股MRVL,预计2028年上半年完成交易,双方股东仍需批准,合并后MRVL现有股东持股约67%、LITE股东约33%。 利好$COHR $CRDO
显示更多
昨天聊了 $MRVL 拟收购 $LITE ,今天再聊聊这笔交易有利有弊的地方。 先说好处: DSP+硅光+激光器整合在一起,研发和技术协同会更方便,也有机会掌握关键InP激光器产能,对 $NVDA 的AI光互连供应链也是潜在利好。 再说风险,尤其是客户流失的问题: Marvell原本是卖DSP芯片的,客户包括不同的光模块厂商。 这些厂商买Marvell的DSP,再搭配自己的光器件,做成光模块卖给云厂商。 问题来了,Lumentum自己也做光模块,跟Marvell的部分DSP客户是竞争关系。 如果Marvell把Lumentum买下来,就等于这些客户以后买DSP,可能是在给自己的竞争对手贡献利润。😂 更重要的是,客户可能会担心: 自己的产品规划、采购量、技术需求,会不会被竞争对手间接掌握? 未来DSP产能紧张时,Marvell会不会优先照顾自家的Lumentum? 所以,即使Marvell的DSP技术很好,部分客户也可能为了降低风险,逐步转向 $AVGO、$CRDO 等其他供应商。 这不代表客户一定会流失,毕竟更换DSP也需要重新设计、测试和认证,不是说换就能换。 从供应链角度看,纵向整合确实能增强竞争力,但也可能破坏原来的客户关系。 技术整合能带来多少新生意?又可能丢掉多少老客户?所以还需要多掂量一下。 NFA / DYOR
显示更多
五大存储厂商最新季度营收与营业利润对比! 三星、SK hynix、$MU、铠侠、$SNDK。除了三星,营业利润率在80%。 三星还有手机、晶圆代工、家电等业务,集团利润率不能直接与其他四家比较。 今天铠侠大跌约16%,市场担心NAND涨价放缓,未来利润增长不及预期。 最新价格也开始分化: DRAM:10月DDR4 8Gb合约价继续上涨5.8%,创下新高。 NAND:128Gb MLC价格持平,结束连续21个月上涨。 但铠侠表示,2027年计划产能已全部分配,2028年超过一半的预计出货量也已有客户承诺。 还有中国厂商的新增供给压力:长江存储扩大NAND份额,长鑫则主要影响传统DRAM,并计划进入NAND。 看来存储景气周期未必结束,但股价一路顺风的单边行情,恐怕没那么容易了!😂 NFA · DYOR
显示更多
认同! AI降低设计门槛,却抬高了制造、良率和验证等稀缺环节的价值…
1. 我不相信Ant现在可以撼动任何Fabless 2. 我不怀疑未来Labs在诸多高价值场景上都会遍地开花 3. 芯片上再怎么设计也逃不掉Fab;医疗上再怎么筛DNA也躲不了药检
显示更多
下周美股貌似又是刺激的一周!😂 财报密集轰炸,外加美国中期选举、非农就业数据! 重要财报: 11/2:$AAPL $PLTR $AEHR $ON 11/3:$AMD $ANET $ALAB $SMCI $ETN 11/4:$ARM $QCOM $COHR $CRCL 11/5:$LITE $AAOI $IREN $SMR $CORZ 11/6:$VST $OKLO 重要事件: • 11/2:ISM制造业PMI • 11/3:美国中期选举 • 11/4:ADP就业、ISM服务业PMI • 11/6:美国10月非农就业报告 下周重点看AI芯片、光通信、AI网络和电力这几条供应链,财报能否继续支撑市场对AI资本开支的预期。 现金也是仓位,不赌财报! NFA · DYOR
显示更多
关于 $INTC EMIB-T 良率问题,最近传闻不少。来看看台湾供应链第一线的最新进展! 联发科CEO蔡力行再次申明,团队已识别关键良率问题,正与Intel及载板供应商合作改善,预计相关措施落实后,良率有望快速提升。 还有一些朋友不太清楚这三家公司的供应链关系: $GOOGL:Google TPU的设计主导方及最终使用方。 联发科 $2454:参与Google定制AI ASIC设计及供应链整合。 $INTC:提供EMIB-T先进封装技术与代工服务 Google下一代TPU HumuFish计划采用Intel EMIB-T封装,联发科维持2028年Q1量产目标。
显示更多
MediaTek: $INTC Packaging Yield Issue Identified, Rapid Improvement Expected Once Resolved MediaTek reaffirmed its Q1 2028 mass-production target for its second-generation data-center AI ASIC, which uses Intel’s EMIB-T packaging. CEO Rick Tsai said the team has identified key packaging yield issues and is working with Intel and substrate suppliers to implement fixes. He expects yields to improve rapidly once those fixes are in place. This is an encouraging sign for Intel: MediaTek continues to commit engineering resources to the EMIB-T program while maintaining its production schedule. The next milestone is demonstrating that the improvements hold across production lots as volumes increase. A successful ramp would help MediaTek meet customer demand and give Intel a concrete example of EMIB-T delivering at scale, strengthening its case with other potential AI-chip customers. H/T:@rainyang721
显示更多
台湾媒体报道,$INTC 的 EMIB 整体良率约60–65%,但硅桥嵌入 ABF 基板的良率仅25–30%。 据同篇报道,台积电 CoWoS 良率约98%,这个还需要求证。 如果数据属实,Intel 短期仍面临良率、成本和量产进度的压力。 但长期来看,随着 AI 先进封装需求增长,EMIB 仍有很大的发展潜力。 短期看良率改善,长期看量产能力和客户订单。
显示更多
Taiwanese media: Intel’s EMIB has an overall yield of approximately 60–65%, but the process of embedding silicon bridge dies into ABF substrates has a yield of only around 25–30%. This is significantly below TSMC’s CoWoS yield of roughly 98%.
显示更多